Lufthansa ringfence key for JetBlue exchangeable
Deutsche Lufthansa last Thursday (March 29) delivered a popular €234m bond exchangeable into its JetBlue stake — an almost 10 times covered offer — with a ringfence structure key to the attractiveness of pricing.
Work on the structure had gone on for some time with Lufthansa unable to grant security over the 46.7m JetBlue shares 15.7% of the company, its entire stake because of negative pledge constraints.
Instead, it created a new special purpose vehicle almost 100% owned by Lufthansa, that
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: email@example.com
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: firstname.lastname@example.org or find out more online here.